NVIDIA Upgraded to $330 Target Amid Strong Earnings and AI Platform Plans
NVIDIA (NASDAQ:NVDA) has received an upgraded price target from China Renaissance, increasing it to $330.00 from a previous target of $319.00.
This is not the first time NVIDIA's stock has been boosted by analysts this week. Cantor Fitzgerald also reiterated its 'overweight' rating and set a new price objective of $350.00 on Monday, August 24th.
NVIDIA's recent quarterly earnings report far exceeded expectations, with revenue reaching $96.22 billion and EPS coming in at $2.22. Management's projected 70% revenue growth for fiscal 2028 is a key takeaway from the report.
The company has also announced plans to invest $3.5 billion in convertible bonds issued by Taiwan-based MediaTek, as part of its strategy to develop AI platforms spanning data centers, edge computing and automotive applications.
NVIDIA's stock has responded positively to these developments, with shares rising 50.43% from their previous close according to China Renaissance's price target.